Swedish company H100 Group has completed its previously announced acquisition of NSD AS, significantly expanding its Bitcoin treasury holdings.
The deal added 2,455.37 Bitcoin to H100’s balance sheet, increasing the company’s total Bitcoin holdings to 3,506.4 BTC. At current market prices, the treasury is worth more than $228 million.
Unlike a traditional acquisition, H100 did not use cash to complete the transaction. Instead, the company issued approximately 790.5 million new shares to the sellers of NSD. The shares were valued at SEK 1.86 each, based on a Bitcoin reference price from July 31.
The acquisition nearly triples H100’s Bitcoin holdings. Before the deal, the company held around 1,051 BTC. The transaction was first announced earlier this year and has now been officially completed.
According to H100, NSD carried no outstanding financial debt at the time of the acquisition. The deal also brings two additional businesses, Moonshot AS and PDI AS, under H100’s corporate structure.
PDI is described as a company focused on active Bitcoin management strategies aimed at preserving capital, managing risk, and generating additional cash flow while maintaining Bitcoin exposure.
The transaction resulted in significant shareholder dilution, with the issuance of new shares increasing the company’s total share count by roughly 70%. However, H100 stated that the amount of Bitcoin backing each basic share remained unchanged because the transaction was structured around the relative Bitcoin value contributed by both parties.
The company also reported that fully diluted Bitcoin exposure per share improved by about 5% after the acquisition.
H100 described the transaction as a major milestone in its Bitcoin treasury strategy. The company has rapidly expanded its holdings since making its first Bitcoin purchase in 2025, when it acquired just over 4 BTC.
With the acquisition now complete, the newly issued shares are expected to begin trading on the NGM Nordic SME market, marking the next step in H100’s continued expansion as one of Europe’s largest publicly listed corporate Bitcoin holders.
